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Neyer Elected Chairman of Terra Insurance Company
Corte Madera, CA - Jerome C. "Jerry" Neyer, P.E., co-founder of Detroit, Michigan's NTH Consultants, Ltd., has been elected chairman of the board of Terra Insurance Company, a risk retention group located in Corte Madera, California. Terra provides professional liability insurance (PLI) products to firms that engage in geoprofessional, environmental, and civil engineering. Terra was established as an off-shore reinsurer in 1969 and converted to risk retention group status in 1988, soon after creation of the federal law that brought risk retention groups into being. Those insured by a risk retention group - and only they - must own the company.
Terra CEO David L. Coduto reported Mr. Neyer's appointment. Mr. Neyer replaces David E. Thompson, P.E. (Haley & Aldrich, Inc.), who stepped down to devote more time to personal pursuits. Mr. Thompson will remain on the Terra board.
Mr. Coduto also reported that R. David "Dave" Charles (Duffield Associates, Inc.) was elected to the Terra board, replacing David A. Gardner, R.G., C.H.G., C.E.G. (Fugro West, Inc.), who retired after 12 years on the Terra board.
A civil engineering graduate of the University of Detroit, Mr. Neyer received his Master of Science degree in soil mechanics and foundation engineering from the University of Washington in 1963. After working as a geotechnical engineer in Seattle for several years, he returned to Detroit. There, in 1968, he cofounded the five-person firm that has become today's NTH Consultants, Ltd., a 250-person, multi-office regional "powerhouse" specializing in geotechnical an environmental engineering. After serving as the firm's CEO, Mr. Neyer has remained active as a principal, with an emphasis on mentoring. Licensed as a professional engineer in 22 states and a diplomate of the American Academy of Environmental Engineers, Mr. Neyer has also provided important leadership to a variety of professional organizations. He has served as president of the Consulting Engineers Council of Michigan, ASFE/The Best People on Earth, and the Engineering Society of Detroit. He has also served on the Engineering Advisory Board of the University of Detroit Mercy and chaired the Farmington Hills Building Authority. Mr. Neyer has also been involved with a number of civic and charitable organizations over the years, has taught a variety of courses, and has authored a dozen papers on technical issues and matters of professional practice.
Mr. Charles is CEO of Duffield Associates, Inc., a 100-person engineering and geoscience firm headquartered in Wilmington, Delaware. Licensed as a professional engineer in several Mid-Atlantic states, he joined Duffield in 1982, not long after earning Bachelor and Master of Science degrees in civil engineering from the University of Delaware. In addition to his management responsibilities, Mr. Charles serves as one of Duffield's senior consultants for geotechnical and construction-related projects. Specializing in deep foundations and soft soils solutions, he also provides guidance for many of the firm's projects involving geotechnical evaluations and analysis for foundations, earth structures and pavements, as well as construction observation and geotechnical instrumentation. He has served as principal in charge of some 1,200 projects and has authored a number of technical papers. Mr. Charles serves as an adjunct professor at the University of Delaware, where he is also a member of the Department of Civil Engineering External Advisory Committee. He has served as president of the American Council of Engineering Companies of Delaware and president of the Delaware Section of the American Society of Civil Engineers. A member of Tau Beta Pi, Mr. Charles also is active in ASFE/The Best People on Earth and the Deep Foundations Institute.
In announcing changes to the Terra board, Mr. Coduto said, "Dave Gardner has made outstanding contributions to Terra over the years. His insight and wisdom contributed significantly to the company's growth and profitability. Dave Thompson will continue on the board. His tenure as chair was outstanding, however, because of important procedural changes that he championed and that have proven to be extremely beneficial for the Company. Terra is most fortunate to have had their involvement. We are equally fortunate to have Jerry and Dave Charles on board, to continue Terra's tradition of excellence."
At the time of Terra's reorganization as a risk retention group, the initial owner/insureds capitalized the company at $10 a share. On September 30, 2005, their investments had grown more than 20-fold, to $203.90. For many of them, the net cost of the professional liability insurance (PLI) they have obtained from Terra - i.e., premiums paid less the value of rebates and stock appreciation - has been zero or less.
Terra's performance has been recognized by A. M. Best Company, the internationally respected insurance company rating agency. It has reaffirmed Terra's stated rating of "A (Excellent)", Class V, as well as Terra's implied rating of "A++ (Superior)", Class V. According to Mr. Coduto, "To achieve an implied 'A++' rating is extraordinary. Best rates thousands of insurance companies. Fewer than 2% have a rating of 'A++'."
Terra comprises 90 owner/insureds whose gross annual fees range from $500,000 to $90 million. More information about Terra and the products it offers, as well as free risk management materials and a copy of the Terra "QuickApp," can be found at www.terrarrg.com, or by contacting Terra Insurance Company, 2 Fifer Avenue/Suite 100, Corte Madera, CA 94925; tel. 1/800-872-0077 (in CA, 415/927-2901); e-mail terra@terrarrg.com.
EDITORS PLEASE NOTE: Photographs of Messrs. Neyer, Charles, and Thompson are available at www.terrarrg.com or by contacting John P. Bachner (Bachner Communications, Inc.) at john@bachner.com or 301/589-9121.
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